Question

Nash Corporation was organized on January 1, 2017. It is authorized to issue 9,600 shares of 8%, $100 par value preferred stock, and 501,500 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,050 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,930 shares of preferred stock for cash at $113 per share. Apr. 1 Issued 24,680 shares of common stock for land. The asking price of the land was $90,820; the fair value of the land was $80,050. May 1 Issued 80,050 shares of common stock for cash at $8 per share. Aug. 1 Issued 9,600 shares of common stock to attorneys in payment of their bill of $50,400 for services rendered in helping the company organize. Sept. 1 Issued 9,600 shares of common stock for cash at $10 per share. Nov. 1 Issued 1,100 shares of preferred stock for cash at $115 per share. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1 Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1 Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1 Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1 Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1 Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1 Jan. 10Mar. 1Apr. 1May 1Aug. 1Sept. 1Nov. 1 Show List of Accounts

Answer 1

Date	Accounting titles & Explanations				Debit	Credit
1/10/2017	Cash	(80,050*6)			4803000
	Common stock					80,050
	Paid in capital in excess of stated value					400250
1-Mar	Cash	(5,930*113)			670090
	preferred stock					593000
	paid in capital in excess of par value					17790
1-Apr	land				80,050
	common stock		(			24,680
	paid in capital in excess of stated value					55,370
1-May	Cash	(80,050*8)			640400
	Common stock					80,050
	Paid in capital in excess of stated value					560350
1-Aug	organizational expense				50,400
	common stock		(9600*1)			9,600
	paid in capital in excess of stated value					40,800
1-Sep	Cash	(9600*10)			96,000
	Common stock					9,600
	Paid in capital in excess of stated value					86400
1-Nov	cash				126500
	preferred stock					110000
	paid in capital in excess of par value					16500